World Bank projects Georgian economy to grow 4.8 percent in 2024

The Georgian economy is projected to grow 4.8 percent in 2024 in the January edition of the World Bank’s Global Economic Prospects report, published on Wednesday.

The report said growth was expected to ease this year, reflecting a projected slowdown among trading partners of Georgia as well as further reduction in money transfer inflows. 

• Central bank: remittances from US, EU increased in November, decreased from Russia

Monetary policy is expected to be eased to support economic growth while remaining prudent”, it said.

The report also notes the Georgian economy grew 6.5 percent in 2023.

This is higher than originally forecasted, as a rebound in private consumption coupled with continued recovery in tourism helped offset a decline in money transfer inflows”, it points out.

• Georgian economy grows 6.9% in January-November

The release also said inflation was expected to be below the three percent target rate at the end of this year after having declined “sharply” in 2023, driven by lower commodity prices - particularly for food and fuel - along with a “strong” Georgian national currency, the lari.